World Bank recommends Azerbaijan to speed up e-service introduction in real estate

The World Bank (WB) recommends the Government of Azerbaijan to develop relationships with the private sector in the sphere of real estate registration and management, WB chief specialist on property management Johan de Yong said in Baku on Thursday at an international scientific-practical conference titled "Role of national spatial data infrastructure and a unified cadastre of real estate in modern property management system".

"For development of this sector, it needs to accelerate the introduction of e-services and this should be reflected in the legislation of the country," Yong. According to him, it needs to collect as much as possible information on real estate.

"The database on real estate should include more parameters. This will contribute to reducing corruption in this sphere," said Yong.

The specialist believes that full access of the population to this basis must be available. Currently, the World Bank jointly with the government implements the real estate registration project in Azerbaijan.

The government and the WB signed an agreement on the joint introduction of a unified real estate cadastre in July 2007.The project consists of four components: property, management and state property registration, base cartography and land cadastre, trainings, and forming project policy and management.

The project costs $38.57 million, and $30 million falls on loan of WB. The rest will be paid by the Azerbaijani government. Loan resources were allocated for 20 years under 5-year preferential period.

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24 July 2024

23 07 2024